Reference no: EM132483941
Question - The adjusted trial balance for Impressions Dance School has been provided for the year ended September 30, 2020. The new bookkeeper alphabetized the accounts.
Account Debit Credit
Accounts payable $21,980
Accounts receivable $12,800
Accumulated depreciation, automobiles $38,660
Accumulated depreciation, building $160,500
Alisha Bjorn, capital $156,960
Alisha Bjorn, withdrawals $12,000
Automobiles $67,500
Building$229,000
Cash $10,900
Copyright $6,200
Depreciation expense, automobiles $6,400
Depreciation expense, building $27,700
Dance lesson revenue $151,180
Gas, oil, and repairs expense 28,900
Land 32,200
Land for future expansion 43,000
Notes payable* $83,000
Brand name $8,100
Rent revenue $20,300
Salaries expense $167,000
Store supplies $3,680
Unearned revenue $22,800
Totals $655,380 $655,380
*The notes payable plus interest are due in 18 months.
The owner made no investments during the year.
Required -
1. Prepare income statement for the year ended September 30, 2020.
2. Prepare statement of changes in equity for the year ended September 30, 2020.
3. Prepare classified balance sheet at September 30, 2020.
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